Panama was once listed as a "non cooperative tax haven" but
the small country has worked hard to shed itself of that
rogue image. If you are interested in a Panama bank, you
should educate yourself about the policies, procedures,
risks and benefits involved in doing business with a Panama
bank.
Panama has recently tightened its anti-money laundering
laws and has created a banking system that is extremely
private and highly competitive, but it is monitored well by
the international offshore banking community. If you decide
to do business with a Panama bank, you can be assured that
our privacy will be strictly guarded and your assets will
be in a bank that is reputable and safe.
Before the major reforms of the mid 1990s, Panama was home
to over 150 offshore banks, but that number has been
trimmed to around 80 banks. All of the banks that are
remaining stick to a strict interpretation of the recent
offshore banking regulations that help prevent criminal
activity and ensure bank customer confidentiality.
Panama banks have several advantages over offshore banks in
other countries. The only types of funds that are taxed in
Panama are those that are generated inside the country's
jurisdiction. If you choose to incorporate your business in
Panama, but you decide to conduct your business elsewhere,
you can deposit all of your assets and earning into your
Panama bank without being responsible for paying local
taxes on your money.
Panama banks offer a wide variety of banking services for
the banking customer that requires a number of different
options for their business. Merchant accounts are
available, as are business accounts and personal accounts
as well.
Non-resident Panama bank customers can have Internet
account access set up by the bank's management in order to
access any necessary account information and in order to
transfer funds to and from your Panama bank. It is also
easy to apply for and receive a debit, ATM or credit card
from a Panama bank to make access to your money even easier.
Most banks in Panama require that all potential account
holders have a minimum deposit in order to open an account
in a Panama bank. Many banks also require that each account
must maintain a minimum balance in order to avoid costly
fees.
If you decide that a Panama bank is for you, you are able
to choose many options. You can open a personal account or
you can takes steps to incorporate an IBC or an offshore
company. You should be prepared to prove your identity by
providing a copy of your passport that has been notarized
as well as letters of financial reference from a current
bank or business partner.
Only you can decide if opening one of the many available
accounts at a Panama bank is for you, but you can rest
assured that Panama is no longer the place for shady
business dealings. The Panama bank system has been cleaned
up and offers savvy customers the opportunity to keep their
money in a safe account while watching it grow with little
tax burden.
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To learn more about banking in Panama or Panama Banks
please visit the author's website at:
http://www.offshorelegal.org/
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